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Company News

BUZZ-Canopy Growth's wider Q4 loss drags other weed stocks

(Updates)

** Shares of Canadian cannabis producer fall ~7% to C$53.74; after co posts wider-than-expected qtrly loss - falling short of estimates for 3rd straight qtr

** U.S.-listed shares also down ~8% to $40.25

** Co’s Q4 net loss widened to 98 Canadian cents/shr vs. est of 30 cents loss as operating expenses rose more than four-fold to C$242.9 mln

** Average selling price of cannabis per gram fell to C$7.49 from C$8.43 a year earlier - CGC

** Shares of other cannabis companies down. Hexo Corp , Aurora Cannabis slip 5%, Cronos Group ~7%

** Other U.S.-listed marijuana stocks Tilray, New Age Beverages, Cronos Group down between ~3% and ~6%

** Shares of Constellation, which has invested more than $4 bln in Canopy, also down ~2%

** However, CGC posted a more than four-fold rise in revenue, beating estimates

** Upto Thursday’s close, WEED has risen ~58% this year (Reporting by Debroop Roy in Bengaluru)

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